The German Government, through KfW Entwicklungsbank (The German Development Bank) has committed to further support the improvement of Africa’s investment climate.
p>The German Government, through KfW Entwicklungsbank (The German Development Bank) has committed to further support the improvement of Africa’s investment climate.
At a signing ceremony held in Frankfurt (Germany), KfW committed an additional €14mn (EURO) to support the work of the Investment Climate Facility for Africa (ICF). This funding represents an extension of KfW’s original commitment to ICF of €10mn, bringing the German Government’s total contribution to €24mn (US$31.5mn) and making it one of the most significant supporters of efforts to transform the continent’s investment climate.
Omari Issa, Chief Executive Officer of ICF, said, “By working closely with government and business leaders, ICF has facilitated real change and shown that improvements to Africa’s investment climate can be realised quickly and efficiently. We would like to express our sincere thanks to Germany for their ongoing support, which will enable us to continue to work with African governments to deliver meaningful improvements to their respective investment climates. By working to make it easier for businesses at all levels to invest and grow, we believe ICF will make a lasting contribution to economic growth and poverty alleviation in Africa.”
Ms. Doris Köhn, KfW’s Director General for Africa and the Middle East, said, “ICF has impressed us with its highly accountable, results-orientated approach and its strong performance to date. This new funding underlines our conviction that transforming Africa’s investment climate is critical for the continent’s long-term economic growth. We believe ICF is playing a vital role in delivering investment climate improvements and our financial support confirms our belief in the validity and effectiveness of ICF’s business model.”
ICF is the only pan-African body, based in Africa, explicitly and exclusively focused on improving the continent’s investment climate. It is a unique partnership between governments, businesses and development partners. It receives funding from a number of sovereign donors and corporates.
Launched in 2006 with a defined seven-year lifespan, ICF works to remove real and perceived obstacles to foreign and domestic investment. To date, ICF has established over 40 projects, delivered in partnership with 13 African governments and regional organisations, and impacting 29 countries across the continent. Many of ICF’s projects have already reached successful conclusions, all meeting and often exceeding the targets set at their inception. As governments realise the benefits of investment climate improvements, demand for ICF services is increasing across the continent. The German contribution is a critical step towards ensuring ICF can continue to respond promptly and effectively to government requests for assistance in removing barriers to investment.
